Question

what do you mean by minimum support price

Answer 1

The price at which the government buys the food grains from the farmers of states with surplus production is called Minimum Support Price (MSP). The government announces the MSP at the beginning of the planting season in order to provide incentives to the farmers to increase the production of these food grains. All these are a part of the Buffer Stock program designed by the government of India to ensure food security. Buffer Stock includes the buying of food grains from these farmers, storing them, and then distributing them in places where there is less production of grains at a cheaper price called Issue Price.

Answer 2

minimum support price means a price alloted by the government for the farmers market.